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Podcast approved by The Openwork Partnership on 11/04/2024.

Skilled Worker Visa Mortgage

Lee McAteer explains how mortgages work if you’re on a skilled worker visa.

Can I get a mortgage in the UK on a skilled worker visa?

Yes, you can buy a property on a skilled worker visa. It all depends on the length of time you’ve been in the UK and the amount of deposit you have. There are a few different criteria you have to meet with lenders.

What are the eligibility requirements for getting a mortgage on a skilled worker visa?

The lenders’ requirements do change from time to time. We’re recording today in March 2024, and you can currently get a mortgage if you’ve been in the UK for less than a year.

But with that, you’ll need a 25% deposit which is quite a chunky amount. If you’ve been in the UK for over a year, you can potentially get a mortgage with a 10% deposit, and if you’ve been here for over two years you can get a mortgage with a 5% deposit.

Lenders are putting different things in place to enable skilled workers to buy sooner than they may have thought. Even if you’ve been in the UK for a year and need a 10% deposit, a new build developer might give you 5% as a gift – so really, you’re putting 5% down.
What maximum loan amount can be obtained for a mortgage on a skilled worker visa?
Obviously it depends on your income. You can reach five and a half times your income, especially if you’re a professional like a doctor or nurse. Some lenders will give you a higher loan if you’re in that type of profession as a skilled worker.

It’s just a question of speaking to a broker to see what’s going to fit best for you.

Are there any age restrictions for getting a mortgage on a skilled worker visa?

There’s always generally an age restriction with a mortgage. It’s got to end at a certain time – usually your intended retirement age or state retirement age of 68. But if you intend to work until age 70 or 75 we can potentially extend the mortgage term.

It will depend on how old you are when the mortgage starts and how long you want to have the mortgage for.

Do I need a job offer from a UK employer to apply for a mortgage on a skilled worker visa?

You need to be in the UK when you’re applying for a mortgage. Most lenders would want a permanent contract, as they want to know that your job is sustainable.

If you’ve been in a temporary role for a period of time and they can see a track record over three months, six months or twelve months there may be things that we can do. The key is being in the UK when you’re applying for the mortgage.

Are there any restrictions on the type of job or industry that qualifies for the skilled worker visa?

There’s no restrictions on the type of job, but there are some jobs where lenders can be more flexible with the criteria – such as for NHS medical professionals. You’re more likely to be in that type of role for a long time and your pay is going to increase regularly.

We often help medical professionals and NHS staff with skilled worker visa mortgages.

What documents are required to apply for a mortgage on a skilled worker visa?

It’s the normal documents, such as pay slips, bank statements and identity documents. The only extra ones for skilled workers would be your right to work and your immigration status.

Lenders want to know how long you’ve got left on your particular visa.

If you’re self-employed we would need your tax calculation and tax year overview to show the sustainability of your self-employed income.

What if I have bad credit? Can I still apply for a mortgage on a skilled worker visa?

You certainly can. It’s just going to be a little bit tougher. For a skilled worker visa mortgage, we have a restricted pool of lenders. If you’ve got adverse credit, it’s going to be an even more restricted pool.

A good broker will be able to help you, rather than doing all the work yourself. Looking around for different lenders may be challenging.

Are there any specific policies or regulations related to skilled worker visas that applicants should be aware of when applying for a mortgage?

There’s nothing specific in terms of policies or regulations. It’s more down to the time that you’ve been in the UK and the size of your deposit. They’re the key factors that will determine which lender to approach and whether you will be approved.

How long does the mortgage application take if you are on a skilled worker visa?

Once we have an application submitted with a lender, they will be checking your documents and instructing a valuation or a survey on the property. You should expect a mortgage offer within seven to 14 days.

For initial approval, if you supply documents to ourselves or another broker, you should get an answer back within 24 to 48 hours. It means you have been pre-approved with a lender – without them checking any particular documents.

What costs are associated with getting a mortgage on a skilled worker visa?

There are no additional costs other than those you would normally expect with a mortgage.

You would potentially have to pay for a survey if you wanted the property inspected in more detail. You would be paying for a solicitor and also your stamp duty, potentially, depending on how much you’re looking to purchase the property for.

But there’s no additional cost just because you’re on a skilled worker visa.

What are the potential risks associated with obtaining a mortgage on a skilled worker visa?

I wouldn’t say that there’s any specific risk. When you’re purchasing any property, there’s always the risk that if you don’t keep up your repayments, your property can be repossessed. There’s no particular risk associated with being a skilled worker.

What advice or tips do you have for applicants who are considering applying for a mortgage on a skilled worker visa?

The main thing is speaking to a broker as early as possible – the moment you think you may want to buy a property, get some advice.

Check your credit file and make sure there’s nothing that shouldn’t be there. If you don’t really have much of a credit profile, try and build one. Register yourselves on the electoral roll and also maybe obtain some credit. Then, when you do come to apply, you’ve shown that you can borrow responsibly and repay on time.

Speaking to a professional early on in the process will point you in the right direction. We can signpost what you can do and in which time frames.

Can you provide some examples or case studies of successful mortgage applications for clients on a skilled worker visa?

We had one this week where somebody had less than 12 months on their visa which can often cause problems with a lender. Although this client didn’t have 12 months, they were an NHS doctor – so the lender could understand that they would be able to stay longer.

The visa was likely to be extended, so they gave us what’s called an exception to lend to the clients. Generally, they wouldn’t have fit the criteria but we were able to convince the lender and obviously the clients were extremely pleased.

How can a mortgage broker help those on a skilled worker visa?

A mortgage broker just takes the pressure off. You can put your faith in us to help you through the process. We will want quite a few documents up front, but once those are all provided, you shouldn’t have anything to worry about.

Having a mortgage broker on your side helps overcome any obstacles that might get in your way. It’s not always straightforward to buy property, but we’re here to help you and guide you. We can be a massive help, because it can be a daunting process.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Approved by The Openwork Partnership on 11/04/2024.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.